British Inflation Dips to 2.7 Percent in August
British annual inflation fell to 2.7 percent in August from 2.8 percent in July, official data showed on Tuesday.
"The Consumer Prices Index (CPI) grew by 2.7 percent in the year to August 2013, down from 2.8 percent in July," the Office for National Statistics said in a statement.
"The largest contributions to the fall in the rate came from the transport, particularly motor fuels and air transport, and clothing sectors. These were partially offset by an upward contribution from furniture, household equipment and maintenance," the ONS added.
Inflation grew by 0.4 percent in August on a month-on-month basis. The annual and monthly data were in line with analyst consensus forecasts, according to a survey by Dow Jones Newswires.
The Bank of England's main task is to use monetary policy as a tool to keep annual inflation close to a government-set target level of 2.0 percent, in order to preserve the value of money.
Source: Agence France Presse
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